The “Greek” didn’t seem to mind. He wants to try again or worse, he wants to re-smell the 2015-2016 biennium. In other words, the time when we were daily in the world’s media was the laughing stock of the Eurozone. At a time when all Greeks were walking around with the insulting GREXIT sticker around their necks, were waiting in line at automatic teller machines to withdraw an insane sum of 60 euros, saw their money locked up in “closed” banks and felt it with their own skin What do the words economic constraint, economic annihilation and destruction mean? The economist. This saying “cut off” deposits has become synonymous with terrorism. As we stroll around drachmas in our pockets Samantha Fox’s “Careless” sings: “Touch me, touch me now…”.
The whole present scene is similar to taking the socks off a sweaty foot, smelling intense pukka but never getting enough of it. Don’t just stop there. You really want to bring the sock up to your nose to “enjoy” up close what has already spread around the room. There, try again.
From what it seems, the “Greek” likes to waste himself on Demeter, Zeus, Odysseus, Calliope, Poppy, and so on. “I will close, I will liquidate, I will nationalize, I will print …”. Other words, dark years of democracy. But the bad thing is that the “Greek” in the confusion, the echo, the reverse slip, the rufah kavdopa, the killer of the neighbor’s goats, he or I or no one, did not understand this time in addition to the possible financial suicide of a country there is also a rather unstable neighbor to The East is framed in a fragile new global geopolitical environment in which regional war ambitions flourish. A neighbor with a powerful war industry will increasingly consider testing its products on the backs of our children because unfortunately they are the ones who go to the front line. A “hungry” neighbor eagerly searches for the slightest crack of weakness in us to initiate his power plan. That’s why “Hellenes”… “To bis esamaretan t’ this no Wise Man”.
Turning to the Athens Stock Exchange, the general index, which was clearly disturbed by the parade of “old” names, lost support by 1,100 units. As you can see, the market gives more weight to Dimitra than the upgrade by the rating agency S&P of the Greek debt outlook to positive from stable, the significant success in creating a primary, even marginal surplus for 2022 in the midst of energy, inflation and geopolitical crisis and of course the significant increase compared to the target set in the implementation of the state budget For the first quarter of 2023 with an initial surplus of 3 billion euros from the 28 million euros they had expected. So graphically, the general index fell below the 1,100 unit limit (the article was written last Wednesday) to test the strength of the next support area of 1,080 units. A possible downside breakdown of this area as well would open the way down to the range 1,055 to 1,020. The negative development so far is the creation of a second local top at a level below 1141 units.
In the FTSE / ATHEX Large Cap Index, the loss of support at 2,670 points caused a rapid “drain” towards the area where the 34-day Fibo SMA at 2,610 crosses to 2,600 points. A potential break to the downside below this short-term moving average will light up at the first point of support at 2,560. Here too, the second-lowest local peak of the weak upward continuation of the index is seen as a negative component.
In the banking index, the short-term picture appears clearer with its broad refusal to exceed the level of 845 points, which is the figure corresponding to 1100 points of the general index and 2670 points of the FTSE 25. Non-division from 845 points strengthened the seller’s camp by pushing the index above the “S” support line at about 785 points. A confirmed bearish reversal at 785 points in the daily price close will give a downside floor towards the 750-734 point area, spoiling the banks’ attempt to stabilize at the price levels where they can start a new upward movement. Levels such as 1.30 euros for Eurobank shares, 4.70 euros for the National Bank, 1.20 euros for Alpha Bank and 2.20 euros for Piraeus.
Finally, regarding the FTSE/ATHEX Mid Cap indicator, it appears to graphically ‘finish’ inside the resistance zone from 1650 to 1630 points and just below the long-term bearish pressure swing ‘W’ that marks the tops of the bullish movement in the past decade. As long as the index struggles to write values above 1650 units, it will declare itself tired by making a pullback towards the 1560 unit point.
* Apostolos Manthos is responsible for technical analysis and investment strategy
** Republished from Kefalio Newspaper
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